Laws & Regulations
Notice on Adjustments to the Municipality¡¯s HPF Personal Account Deposit Interest Rates
2016-02-18

 

Notice on Adjustments to the Municipality’s HPF Personal Account Deposit Interest Rates

 SHGJJ NO. 16-2016

To Shanghai Branch of China Construction Bank:

In accordance with Notice of the People’s Bank of China, Ministry of Housing & Urban-Rural Development and Ministry of Finance on Bettering Housing Provident Fund Personal Account Deposit Interest Rate Formation Mechanism (BI No. 43-2016), we hereby notify you of relevant issues pertaining to the adjustments to the Municipality’s housing provident fund personal account deposit interest rates as follows:

As of 21 February 2016, the current collection time based housing provident fund personal account deposit interest rates, tantamount to the prevailing demand deposit rate and three-month time deposit benchmark rate respectively, shall be replaced by the unified rate equivalent to the prevailing one-year time deposit benchmark rate for interest calculation.

Please proceed accordingly.

 

Shanghai Provident Fund Management Center
18 February 2016 

 

 

 

Addendum:

A Summary of Adjustments to HPF Deposit Interest Rates (unit: annual interest rate %)

Descriptions

Before Adjustments

After Adjustments

Current

0.35

1.50

Carryover from previous year

1.10